The Kenyan cryptocurrency legislation draft will be open for public consultation before January 24

2025-01-12 10:12:06

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ChainCatcher news, according to Cointelegraph, Kenyan Finance Minister John Mbadi stated that the government is working to establish a legal and regulatory framework for cryptocurrencies and has drafted a proposal for a "National Policy on Virtual Assets and Virtual Asset Service Providers." The draft aims to create a fair, competitive, and stable market for cryptocurrencies while addressing risks such as money laundering, terrorist financing, and consumer protection.

The draft proposes to build a comprehensive legal and regulatory framework to manage virtual asset activities and their service providers (VASP), as well as to establish relevant standards and procedures. Its goal is to promote the healthy development of Kenya's virtual asset market.

The proposal will be open for public feedback until January 24. If approved, Kenya will join countries like South Africa and Nigeria that have already implemented cryptocurrency regulations.

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